Evidence receipt / belief
Published · transcript-backedDavid Rosenthal: belief
18 May 2026 Acquired Vanguard
“Fidelity is very happy to have their 401(k) and brokerage account holders do what you do of just hold the Vanguard funds through ETFs. And I think Jack kind of foresaw this.”
Source trail
Everything needed to verify it.
- Speaker
- David Rosenthal
- Attribution
- Verified speaker
- Claim type
- belief
- Recorded
- 18 May 2026
- Publisher
- Acquired
- Episode
- Vanguard
Transcript context
…Some of which are actually even cheaper. Yep. Some of which are even cheaper. They're loss leaders for them. But like, we don't have to beat them there. Fidelity is very happy to have their 401(k) and brokerage account holders do what you do of just hold the Vanguard funds through ETFs. And I think Jack kind of foresaw this. This is why he didn't like the business, opened up the Vanguard funds to being on all the other platforms. Yeah. I mean, this is a—I don't know if it's an existential risk. I wouldn't say that, but this is a vulnerability for Vanguard, which is so many of their customers, of their AUM, don't actually have a relationship with the company. They are invested in Vanguard ETFs via their direct relationship with a different brokerage, primarily Fidelity.…
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